Set up a secure, compliant, and automated way to process ACH payments for the client ‘ACHEZ Solutions’
Overview
The client is an advocate for fair, honest, and transparent ACH processing services. They are knowledgeable with disciplined experts having vast experience in processing services which include Prepaid Card, Credit Card Acquiring and ACH processing.
Business Challenge
With the rapidly growing operations of the company, the client’s Accounting and Finance department was unable to timely process ACH payments. They follow a manual payment processing which led to human errors and the whole process was time-consuming.
Business Objective
- Fast and error free processing system
- Reconciling both ACH payments and ACH rejects
- Availability of Ledger details
Insight Consultants Solution
After comprehensively addressing the client’s pain areas in their Accounts Payable system, we set up a secure, compliant, and automated way to process ACH payments. Our solution enabled the client to orchestrate real-time ACH payments with 3rd party payment aggregators and banks.
Execution Steps
- Continuously monitoring incoming ACH files send by the originator either through STF, Web upload or API
- Once a new download is recognized, it automatically triggers a dynamic workflow to handle processing and validating the file
- Validate the information in the file by checking header and trailer records and validates the total transaction
- Transfer and process the file (NACHA or csv file) to the core banking platform and notify them for successful completion
- ACH return files (insufficient funds, closed accounts, incorrect account numbers) are sorted and send back to respective originators
- Client and originator users can view all the transaction details and reports based on the permission set for each user.
Result
With Insight Consultants’ Automation solution, the client is now delivering faster, more reliable ACH processing. Improved transaction accuracy, productivity gains, and better tracking of transactions are some major benefits accrued.
About Insight Consultants
Insight Consultants is in the business of transforming enterprises and impacting lives through information technology-based solutions and by delivering services ethically. We work with a select list of clients to utilize both emerging (Blockchain, AI)and mature (Cloud, Analytics, Social, Mobile) technology solutions and services to solve real-world business problems. We will help you transition from an offline way of working to a digitally streamlined one that include paperless operations, workflow-based automated decision-making, and credit scoring powered with insightful analytics.
